Wetzel Investment Advisors Inc. Sells 86 Shares of Broadcom Inc. (NASDAQ:AVGO)

Wetzel Investment Advisors Inc. decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,820 shares of the semiconductor manufacturer’s stock after selling 86 shares during the period. Wetzel Investment Advisors Inc.’s holdings in Broadcom were worth $640,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Runnymede Capital Advisors Inc. raised its position in shares of Broadcom by 36.0% in the first quarter. Runnymede Capital Advisors Inc. now owns 1,708 shares of the semiconductor manufacturer’s stock valued at $286,000 after buying an additional 452 shares in the last quarter. Yoder Wealth Management Inc. increased its stake in Broadcom by 3.9% in the first quarter. Yoder Wealth Management Inc. now owns 2,312 shares of the semiconductor manufacturer’s stock valued at $387,000 after acquiring an additional 87 shares during the last quarter. Park Capital Management LLC WI increased its stake in Broadcom by 12.9% in the first quarter. Park Capital Management LLC WI now owns 2,288 shares of the semiconductor manufacturer’s stock valued at $383,000 after acquiring an additional 261 shares during the last quarter. CV Advisors LLC bought a new stake in shares of Broadcom during the first quarter worth $597,000. Finally, JFS Wealth Advisors LLC grew its stake in shares of Broadcom by 3.3% during the first quarter. JFS Wealth Advisors LLC now owns 2,733 shares of the semiconductor manufacturer’s stock worth $458,000 after buying an additional 87 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays lifted their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Rosenblatt Securities upped their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday, June 6th. Bank of America boosted their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Susquehanna boosted their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday, June 6th. Finally, Cowen reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $276.09.

Broadcom Stock Performance

Shares of AVGO stock opened at $253.77 on Tuesday. The firm has a market cap of $1.19 trillion, a price-to-earnings ratio of 95.04, a PEG ratio of 1.78 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company’s 50 day moving average is $221.98 and its 200 day moving average is $213.28.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the company earned $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.93%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom announced that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the business’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the sale, the chief financial officer now directly owns 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 875,444 shares of company stock valued at $172,097,492. 2.00% of the stock is currently owned by insiders.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.